China widens its doors, propelling global economic growth
The forthcoming Two Sessions, which are the annual gatherings of China's highest legislative and political advisory bodies, are anticipated to reveal a range of significant economic policies that will attract global attention, shaping China's economic trajectory and its interactions with the international marketplace.
TroibNews 
**Editor's note:** China is set to hold its annual Two Sessions in early March. In anticipation of this year's important political gatherings, CN presents a special series that delves into the nation's efforts in enhancing people's livelihoods, fostering economic development, and advancing sci-tech innovation while promoting openness.
With a backdrop of increasing global protectionism and economic unpredictability, the international community is keenly observing China as the world's second-largest economy continuously extends its reach and pledges to remain a primary driver of global growth.
The forthcoming Two Sessions, which encompass the annual meetings of China's top legislative and political advisory bodies, are anticipated to announce a series of critical economic policies that will draw international attention, shaping China's economic trajectory and its interactions with the global market.
**Opening-up initiatives**
In 2024, China took robust actions to enhance institutional openness by fully removing restrictions on foreign investment within the manufacturing industry and launching a nationwide negative list management system for cross-border services trade for the first time.
Additionally, the country has actively encouraged the measured expansion of openness across several sectors, including telecommunications, the internet, education, culture, and healthcare. China has also aligned itself with high-standard international economic and trade standards, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement.
The feedback from multinational corporations has been highly favorable, with many deciding to bolster their investments and broaden their operations within China.
The China Business Climate Survey Report published by the American Chamber of Commerce in China in January revealed that 48 percent of U.S. companies surveyed categorized China as one of their top three global investment priorities. Moreover, 53 percent of these respondents expressed plans to increase their investments in China by 2025, with nearly 70 percent of consumer sector companies demonstrating confidence in the Chinese market.
A research report released by Deutsche Bank in February underscored that the year 2025 could serve as a crucial moment for Chinese investment, asserting, "We believe that 2025 is the year when the investment community realizes that China is surpassing the rest of the world."
During the World Economic Forum Annual Meeting 2025 in Davos, Switzerland, in January, Chinese Vice Premier Ding Xuexiang reaffirmed China’s dedication to openness. "China's door of opening up will not be closed and will only open even wider, and the business environment in China will only get better," he stated, extending an invitation to foreign enterprises to invest and operate in China, and to seize the opportunities available.
Lyazid Benhami, vice president of the Paris Association of French-Chinese Friendship, noted that China's high-level opening-up initiatives will not only support its high-quality development but also provide growth opportunities for its economic partners in a sluggish global economic climate.
**Top driver of global growth**
As the second-largest economy globally, China's contribution to worldwide economic growth has hovered around 30 percent over the past five years, solidifying its role as the foremost catalyst for global economic expansion, according to the fifth national economic census released in December 2024.
In 2024, China's economy reached a significant milestone, with GDP exceeding 130 trillion yuan for the first time, reflecting a 5.0 percent rise from the previous year. Additionally, China leads globally in goods trade, foreign exchange reserves, and manufacturing, while ranking second in both service trade and domestic consumption market size.
Zhang Xiaotao, dean of the School of International Economics and Trade at Central University of Finance and Economics, highlighted China's growing significance as a global economic powerhouse. "China is not only a key driver for the global economy growth but also plays a crucial role as an engine in global trade, investment, supply chains, and international cooperation," he wrote in December.
Zhang further pointed out that the high-quality development of the Belt and Road Initiative (BRI) has fostered significant opportunities for global trade and investment by facilitating connectivity and promoting the liberalization of trade and investment.
Since its inception in 2013, the BRI has expanded significantly, with China signing cooperation agreements with over 150 countries and more than 30 international organizations. A World Bank report projects that by 2030, BRI-related investments could elevate 7.6 million people from extreme poverty and 32 million from moderate poverty.
According to calculations by Bloomberg, which utilized International Monetary Fund predictions in April 2024, China is expected to be the leading contributor to global economic growth in the next five years, with its share surpassing that of all Group of Seven countries combined.
Frederick R Cook for TROIB News
With a backdrop of increasing global protectionism and economic unpredictability, the international community is keenly observing China as the world's second-largest economy continuously extends its reach and pledges to remain a primary driver of global growth.
The forthcoming Two Sessions, which encompass the annual meetings of China's top legislative and political advisory bodies, are anticipated to announce a series of critical economic policies that will draw international attention, shaping China's economic trajectory and its interactions with the global market.
**Opening-up initiatives**
In 2024, China took robust actions to enhance institutional openness by fully removing restrictions on foreign investment within the manufacturing industry and launching a nationwide negative list management system for cross-border services trade for the first time.
Additionally, the country has actively encouraged the measured expansion of openness across several sectors, including telecommunications, the internet, education, culture, and healthcare. China has also aligned itself with high-standard international economic and trade standards, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement.
The feedback from multinational corporations has been highly favorable, with many deciding to bolster their investments and broaden their operations within China.
The China Business Climate Survey Report published by the American Chamber of Commerce in China in January revealed that 48 percent of U.S. companies surveyed categorized China as one of their top three global investment priorities. Moreover, 53 percent of these respondents expressed plans to increase their investments in China by 2025, with nearly 70 percent of consumer sector companies demonstrating confidence in the Chinese market.
A research report released by Deutsche Bank in February underscored that the year 2025 could serve as a crucial moment for Chinese investment, asserting, "We believe that 2025 is the year when the investment community realizes that China is surpassing the rest of the world."
During the World Economic Forum Annual Meeting 2025 in Davos, Switzerland, in January, Chinese Vice Premier Ding Xuexiang reaffirmed China’s dedication to openness. "China's door of opening up will not be closed and will only open even wider, and the business environment in China will only get better," he stated, extending an invitation to foreign enterprises to invest and operate in China, and to seize the opportunities available.
Lyazid Benhami, vice president of the Paris Association of French-Chinese Friendship, noted that China's high-level opening-up initiatives will not only support its high-quality development but also provide growth opportunities for its economic partners in a sluggish global economic climate.
**Top driver of global growth**
As the second-largest economy globally, China's contribution to worldwide economic growth has hovered around 30 percent over the past five years, solidifying its role as the foremost catalyst for global economic expansion, according to the fifth national economic census released in December 2024.
In 2024, China's economy reached a significant milestone, with GDP exceeding 130 trillion yuan for the first time, reflecting a 5.0 percent rise from the previous year. Additionally, China leads globally in goods trade, foreign exchange reserves, and manufacturing, while ranking second in both service trade and domestic consumption market size.
Zhang Xiaotao, dean of the School of International Economics and Trade at Central University of Finance and Economics, highlighted China's growing significance as a global economic powerhouse. "China is not only a key driver for the global economy growth but also plays a crucial role as an engine in global trade, investment, supply chains, and international cooperation," he wrote in December.
Zhang further pointed out that the high-quality development of the Belt and Road Initiative (BRI) has fostered significant opportunities for global trade and investment by facilitating connectivity and promoting the liberalization of trade and investment.
Since its inception in 2013, the BRI has expanded significantly, with China signing cooperation agreements with over 150 countries and more than 30 international organizations. A World Bank report projects that by 2030, BRI-related investments could elevate 7.6 million people from extreme poverty and 32 million from moderate poverty.
According to calculations by Bloomberg, which utilized International Monetary Fund predictions in April 2024, China is expected to be the leading contributor to global economic growth in the next five years, with its share surpassing that of all Group of Seven countries combined.
Frederick R Cook for TROIB News
